Jack Lew Announces $1 Billion Ukraine Loan Package

In a statement from the White House this morning, the U.S. will be providing a $1 billion loan to Ukraine. The statement reads:

“The U.S. Administration is working with Congress and the Government of Ukraine to provide $1 billion in loan guarantees, the proceeds of which will be aimed at protecting the most vulnerable Ukrainian households from the impact of the needed economic adjustment.”

This package from the United States will be in addition to other international assistance packages coming from the IMF. Lew says that this loan will focus “on meeting Ukraine’s four most pressing needs.” This includes economic reforms, conducting elections, combating corruption and “withstanding politically motivated trade actions by Russia.”

Secretary of State Kerry is in Kiev today along with members of the IMF. This financial aid is supposed to help the country restore financial stability. Lew also mentioned that the department is working with its partners to provide as much support as Ukraine needs. We will have to stay tuned to see what that means in the future, depending on what happens next between the Russians and Ukrainians.